Bike Rental Startup 'Bounce' Nears Closure, Starts Selling Its Fleet

Bike rental startup Bounce is on liquidation route, selling all its two-wheelers at Hyderabad's Bharat Nagar Metro Station, besides downsizing by 80%. The pandemic and grim economic state have pushed the company towards the decision. Previously appraised at $450mn, Bounce's revenues sank from Rs 8-10Cr/month to Rs 1Cr/month, driving layoffs as the workforce has declined from 600 to 70. However, Bounce has granted a three-month severance allowance and a year-long medical cover to the laid-offs.